car payment $600 a month, will TT allow it

[doingpoorly]

If I want to keep a car with a $600 payment will the TT object to it? It is a big payment but at this point I think that I won't be able to use my other car with a $200 payment because it's lease will be up the same day I file.
I need to keep a vehicle until the 341 and then I plan to surrender it, but I have to have some car in order to have the payment for my expenses to qualify.

[TEW]

That $600 is for secured credit. the trustee will not got after that.

[drowningNdebt]

unless there is euity in it. if you owe 12k and the car is worth 16k then the trustee will go after your car.

[Doghouse]

unless there is euity in it. if you owe 12k and the car is worth 16k then the trustee will go after your car.

unless, of course, you are able to protect the equity with an exemption. That's what I did with my SUV here in CA. Owe 14K. Worth about 19-20K.

[doingpoorly]

there is no equity...it is worth about what I owe. I am just concerned that they will think it is a luxury and not allow me to reaffirm.

[albacore44]

there is no equity...it is worth about what I owe. I am just concerned that they will think it is a luxury and not allow me to reaffirm.

kinda depends on your district. if your definitly Ch-7 you get a maximum on the means test of $489 a month duduction. this is determined by using the formula (remaing loan balance/60 payments = monthly payment). so even though your actually paying $600 a month, for BK purposes it could be counted as much less depending on the remaining balance on the loan

There is a poster in a district in Ga. that is having trouble with his TT over a $600 a month payment.

I have 1 payment that is $590, but by the time I file, and using the formula it will be under the $489 allowed.

[doingpoorly]

kinda depends on your district. if your definitly Ch-7 you get a maximum on the means test of $489 a month duduction. this is determined by using the formula (remaing loan balance/60 payments = monthly payment). so even though your actually paying $600 a month, for BK purposes it could be counted as much less depending on the remaining balance on the loan

There is a poster in a district in Ga. that is having trouble with his TT over a $600 a month payment.

I have 1 payment that is $590, but by the time I file, and using the formula it will be under the $489 allowed.

Thanks for the info...now at least I can try to figure out which car to keep, although no one has posted to my dilemma about my other cars lease being up on the day I intend to file and how that will affect my ability to use it as an expense.

[albacore44]

Thanks for the info...now at least I can try to figure out which car to keep, although no one has posted to my dilemma about my other cars lease being up on the day I intend to file and how that will affect my ability to use it as an expense.

Don't think you can. may I ask if you have an attourney ?? he should have done the means test and explained everything to you.

[doingpoorly]

Don't think you can. may I ask if you have an attourney ?? he should have done the means test and explained everything to you.

I didn't realize it was a 30 mo lease instead of a 36 mo lease until last night. I thought I had more time with the vehicle, to be able to reaffirm it . I have an attorney, but won't be able to contact him until Tuesday next week. Now I wonder if I can get a lease extension now so that I can keep the leased car instead of the vehicle with the $600 a mo payment. ( I still have a good fico...although that will tank next month)
I have to have something to drive until at lease the 341 meeting where I will state my intent to reaffirm. After the 341 I may or may not actually reaffirm. I have not decided yet, really it boils down to wether or not I can gather enough money to buy a new used vehicle after the 341 or not.